Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help filling in 1-4 13 6.66 points eBook Hint OS 3-22 (Algo) Preparing closing entries LO P6 The following is the adjusted trial balance

Need help filling in 1-4
image text in transcribed
13 6.66 points eBook Hint OS 3-22 (Algo) Preparing closing entries LO P6 The following is the adjusted trial balance of Sierra Company Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 6,000 Prepaid insurance 600 Notes receivable (due in 5 5,000 years) Buildings 22,000 Accumulated depreciation- $ Buildings 13,000 Accounts payable 3,500 Notes payable (due in 3 4,000 years) Common stock 9.000 Retained earnings 3,500 Dividends 1,200 Consulting revenue 10,500 Wages expense 4,500 Depreciation expense- 2,400 Buildings Insurance expense 1,800 Totals $ 43,500 43,500 Print Reference Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 Prepare the entry to close the revenue account(s). Note: Enter debits before credits. Date General Journal December 31 Debit Credit Record entry View general journal Clear entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

13th Canadian Edition

1119740460, 978-1119740469

More Books

Students also viewed these Accounting questions